On 2 January 2019, the Myanmar Ministry of Planning and Finance (MoPF) issued Announcement No.1/2019 (the "Announcement"), paving the way for foreign insurers to enter into the country's largely untapped insurance market as part of an ongoing process to liberalise the sector. At present, foreign insurers are restricted to establishing a representative office in Myanmar and have been largely barred from conducting any insurance businesses within the country, with limited exceptions in a special economic zone.